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Hedge funds rapidly sold off tech stocks last week, marking the fastest pace in six months and the highest levels in five years, as concerns over impending tariffs and potential recession grew. The tech sector, particularly AI-related hardware, saw significant net selling, with hedge fund exposure now at a five-year low. Major short positions included Nvidia, Advanced Micro Devices, and Tesla, reflecting a shift in market sentiment ahead of the April 2 tariff deadline.
Bank of America reported a quarterly EPS of $0.82, surpassing estimates, with revenue of $25.30 billion, a 15% year-over-year increase. The firm announced a quarterly dividend of $0.26, yielding 2.52%, and has a Moderate Buy rating from analysts, with a consensus target price of $48.45. The stock opened at $41.24, with a 52-week range of $34.15 to $48.08.
ING Groep (NYSE:ING) has seen a 23.5% reduction in shares held by Dorsey Wright & Associates, while other institutional investors have adjusted their stakes. The company recently upgraded its dividend to $0.6526, yielding 5.1%, and reported a quarterly EPS of $0.39, missing estimates. Analysts maintain a "Moderate Buy" rating, with Goldman Sachs upgrading it to "buy."
Summit Securities Group LLC increased its stake in Citigroup Inc. by 291.5% in Q4, now holding 23,100 shares valued at $1.6 million. Analysts maintain a "Moderate Buy" rating, with a consensus target price of $84.50, while recent trades include CFO Mark Mason selling 58,465 shares for nearly $4.9 million.
Lloyds has successfully completed two longevity hedging transactions valued at £5.1 billion. These third and fourth transactions are designed to protect pension schemes from the financial impact of unexpected increases in life expectancy, securing benefits for 15 pensioners and eight deferred scheme members.
Toronto-Dominion Bank currently holds a "Hold" rating from analysts, with an average price target of $80.50. The bank's stock opened at $60.31, with a 12-month range of $51.25 to $64.91, and a dividend yield of 4.83%. Recent institutional investments include JPMorgan Chase increasing its stake by 3.4%.
Roper Technologies, Inc. has a market cap of $62.57 billion and recently announced a quarterly dividend of $0.825 per share, with a yield of 0.57%. Insider trading activity includes CFO Jason Conley selling 3,000 shares, reducing his ownership by 8.69%. Analysts maintain a "Moderate Buy" rating, with price targets ranging from $558 to $685.
Goldman Sachs faces scrutiny over its executive compensation, with CEO David Solomon and COO John Waldron receiving $39m and $38m, plus $80m in stock awards, which have drawn criticism for lacking performance conditions. Advisory firm Glass Lewis suggests shareholders may oppose these pay packages at the upcoming annual meeting. Meanwhile, the private equity sector is struggling, with a shift in hiring focus towards senior roles and experts, leaving junior bankers facing reduced opportunities and compensation.
Northern Trust's COO sold 26,132 shares at an average price of $112.36, reducing his stake by 49.57%. Insider Jason J. Tyler also sold 2,237 shares for $112.67, resulting in a 3.69% decrease in his holdings. Analysts have mixed ratings on the stock, with a consensus "Hold" and a target price of $113.46. Corebridge Financial reduced its stake by 6.3%, while other institutional investors like JPMorgan and UBS increased their holdings. Northern Trust recently declared a quarterly dividend of $0.75 per share, with a yield of 3.09%.
Charles Schwab Investment Management Inc. reduced its stake in MultiPlan Co. by 38.5% in Q4, holding 75,404 shares valued at $1.11 million. Other investors, including Beach Point Capital and Empowered Funds, adjusted their positions as well, with hedge funds owning 87.15% of the stock. Citigroup raised its price target for MultiPlan from $10.00 to $12.50, maintaining a "neutral" rating.
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